There are three friends from different back-grounds. They decided to become entrepreneurs after graduating from the same college. Rohit is a farmer’s son. He pursued his bachelor degree in the Arts faculty. He was thinking of continuing his father’s profession but at a different level. He wanted to grow export-quality agricultural products in his two acres of farmland.
Sejal is the daughter of a businessman. They produce and sell bakery products on a wholesale basis. She has passed her degree in Science. She wants to become an entrepreneur in Fast Moving Consumer Goods (FMCG) products. Asif is a son of a small hotel owner. He has passed his graduation in Event Management. He wants to start his own company of Event Management.
After graduating with good grades, they decided to help each other and begin their careers. Rohit, Sejal and Asif tried to find out information about haw to start their businesses. They tried to get maximum information regarding their businesses. They wanted to plan, organise and then establish their start¬ups. During this period, they found information regarding their businesses.
Rohit found out that he will have to do major changes in his farmland to grow export-quality products like lily, orchid flowers and fruits like kiwis, dragon fruits, etc. He will have to maintain moisture and temperature in the air. He will also need to use special fertilizers to maintain the soil’s pH value.
He also came to know that he has to take help of the Agricultural officer from the same Taluka. More importantly, he has to take out a licence to establish a business. He also got to know that he will need an account which can be used for foreign transactions. He also got information from where, he would get saplings for the export-quality products. He came to know that, these flowers are in great demand in Gulf countries and they give high returns too. As these countries are within the reach of an hour or two by air, the flowers can remain fresh and retain their quality. He also decided to visit few vendors from these countries to directly setup his business.
Sejal realised that toothpaste is a product which is required daily by the people. Since her background was from Science, she decided to derive an advanced formula which will be good for dental health. She also took help from a cousin brother from the Pharmaceutical industry.
She came to know that she needed the following things to set up the industrial unit:
- Machinery and labour force to work in the plant.
- Land for setting up the plant.
- NOC from competent authorities before taking the product to the market.
- Other licenses like NOC from fire service department.
- Industries that will give tubes to fill ready toothpaste and cartons to wrap the product.
- Appoint an advertising agency to promote the product.
She was reluctant for this start-up since it required land and a large capital investment. But she felt relieved that due to the Government’s Start-up schemes, she can get subsidised loan. Her father helped her solve her land problem. He had a small piece of land near her town which was sufficient for this purpose. He arranged for other basic amenities like water, electricity, etc. which are required for an industry. He leased out that plot to Sejal.
Asif realised that he mainly needed services and labour for his start-up, which he can arrange by hiring them from various agencies like caterers, florists, hall owners, band players, sound systems, etc. He also understood how to take permission from various competent authorities to arrange various events. He realised that it will be good if he opens up an office to start his business in the market. To advertise his start up, he got a brochure designed and printed visiting cards for marketing his services.
After planning for a year, all the friends started their entrepreneurship in their respective businesses. As their businesses have been established as per their likings; they are enjoying their work. Their businesses are now their passions.
(1)What do you understand by the term competent authorities?
(2)In which types of economic activities are the children in the story engaged?
(3)While being occupied in their type of economic activity, which other activities they interact with?
(4)Classify all the economic activities you come across in the passage.